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Is your mortgage renewal offer fair?
Cost of signing this offer
$10,631
Compared with 4.04% elsewhere, over a 5-year term.
Payment offered
$2,242/mo
Payment elsewhere
$2,122/mo
Extra interest paid
$7,177
Extra balance at renewal
$3,454
A switch to a new lender at renewal is not a refinance. It carries no penalty, and the new lender usually covers the switch costs.
Lenders will typically hold a rate for you up to 120 days ahead of your renewal date, worth locking in early if you're shopping around.
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Over the 5-year term
Monthly payment, offer$2,242
Monthly payment, elsewhere$2,122
Extra interest paid$7,177
Balance remaining, offer$290,223
Balance remaining, elsewhere$286,769
Total cost of the offer$10,631
What this assumed
Remaining amortization20 years
Term compared5 years
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These figures use one rate and general guidelines. A licensed mortgage agent can tell you which lenders would actually take your file, and what your renewal options looks like for you specifically.
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Last reviewed August 2026 · rates and rules from Sources & method
What this number means
This compares the payment and remaining balance under your bank's offer against the same numbers at the rate available elsewhere, over the same term. The gap between the offered rate and the market rate drives almost all of it.